Friday, 22 August 2014
Last updated 15 min ago
Jul 15 2008 | 10:08am ET
The equities markets salted The Children’s Investment Fund’s wounds in June, sending the London activist hedge fund to its worth monthly performance ever.
Already reeling from its highly-publicized defeat in its battle with Japanese electric utility Electric Power Development Co., better known as J-Power, plummeting equities markets sent TCI into a 12.5% tailspin last month, the Financial Times reports. The decline erases some US$1 billion in assets and leaves TCI—which has enjoyed average annual returns in excess of 40% in its five years of existence—in the red for the first half.
TCI, which has a highly-concentrated portfolio and uses little hedging, was battered by falling equities markets in June. One investor told the FT that some of the stock picks the fund made during the month have not worked out.
“Unfortunately some things that seemed cheap got even cheaper,” he said.
Prior to last month, TCI’s worst month was May 2006.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note